A Place to Call Home

A Place to Call Home

Module 12: Making Housing Decisions MODULE 12 Making Housing Decisions September 2018 MONEY SMART FOR ADULTSModule 12: Making Housing Decisions September 2018

1 Pre-Training Survey See page 43 in your Participant Guide MONEY SMART FOR ADULTSModule 12: Making Housing Decisions September 2018 2 Section 1 Section 1: What Are My Options?

What Are My Options? See page 3 in your Participant Guide MONEY SMART FOR ADULTSModule 12: Making Housing Decisions September 2018 3 Section 1: Key Takeaway There are different types of housing. To help

prioritize your options, start by defining what safe and secure housing means to you. MONEY SMART FOR ADULTSModule 12: Making Housing Decisions September 2018 4 Try It: What is Safe and Secure to You? See page 3 in your Participant Guide MONEY SMART FOR ADULTSModule 12: Making Housing Decisions

September 2018 5 Apply It: Making Housing Decisions What Do I Need and Want? See page 4 in your Participant Guide MONEY SMART FOR ADULTSModule 12: Making Housing Decisions September 2018 6 Renting or Buying

Factors to Consider MONEY SMART FOR ADULTSModule 12: Making Housing Decisions September 2018 7 Try It: Identifying Important Factors in Housing Decisions See page 7 in your Participant Guide MONEY SMART FOR ADULTSModule 12: Making Housing Decisions

September 2018 8 Apply It: Important Factors I Want to Consider in Renting or Buying See page 9 in your Participant Guide MONEY SMART FOR ADULTSModule 12: Making Housing Decisions September 2018 9

Apply It: Should I Rent or Buy? See page 10 in your Participant Guide MONEY SMART FOR ADULTSModule 12: Making Housing Decisions September 2018 10 Apply It: My Housing Options See page 14 in your Participant Guide MONEY SMART FOR ADULTSModule 12: Making Housing Decisions September 2018

11 Options for Renting May Include Room in an apartment or home Apartment House Privately owned, subsidized housing Public housing MONEY SMART FOR ADULTSModule 12: Making Housing Decisions September 2018

12 Options for Buying May Include Single family house, modular home, or townhouse Condominium Cooperative (Co-op) Manufactured or mobile home MONEY SMART FOR ADULTSModule 12: Making Housing Decisions September 2018 13

Section 1: Remember the Key Takeaway There are different types of housing. To help prioritize your options, start by defining what safe and secure housing means to you. MONEY SMART FOR ADULTSModule 12: Making Housing Decisions September 2018 14 Section 2

Section 2: What Can I Afford? What Can I Afford? See page 19 in your Participant Guide MONEY SMART FOR ADULTSModule 12: Making Housing Decisions September 2018 15 Section 2: Key Takeaway

An affordable payment for housing is one you can reliably make each month. MONEY SMART FOR ADULTSModule 12: Making Housing Decisions September 2018 16 Housing Costs: What Is Affordable? Only you can decide what is affordable for you

Landlords and mortgage lenders cannot MONEY SMART FOR ADULTSModule 12: Making Housing Decisions September 2018 17 Try It: Estimating Affordability See page 20 in your Participant Guide MONEY SMART FOR ADULTSModule 12: Making Housing Decisions September 2018

18 Method 1 Gross income = income before taxes and other deductions are taken out MONEY SMART FOR ADULTSModule 12: Making Housing Decisions September 2018

19 Method 1: Answer for Pat and Sam Take their annual gross income: $48,000 per year Then multiply by 3: $48,000 x 3 Answer = $144,000 May be helpful when looking for houses to buy Not helpful to estimate affordable monthly payment MONEY SMART FOR ADULTSModule 12: Making Housing Decisions September 2018

20 Method 2 Monthly housing costs include items such as rent or mortgage payments, insurance, utilities, maintenance, repairs May not be realistic or helpful MONEY SMART FOR ADULTSModule 12: Making Housing Decisions September 2018 21

Method 2: Answer for Pat and Sam Take their annual gross income: $48,000 per year Then divide by 12 months in a year: $48,000 12 = $4,000 Then multiply by 0.30: $4,000 x 0.30 Answer: $1,200 per month MONEY SMART FOR ADULTSModule 12: Making Housing Decisions September 2018 22

Method 3 Whats left for housing? Use a spending and saving plan MONEY SMART FOR ADULTSModule 12: Making Housing Decisions September 2018 23 Pat and Sams Total Net Income Item

Monthly Amount Net (Take-Home) Pay Job 1 $3,500 ($42,000 12) Their Total Net Income $3,500 Remember:

Divide Annual amount by 12 (months) to get Monthly amount MONEY SMART FOR ADULTSModule 12: Making Housing Decisions September 2018 24 Pat and Sams Total Non-Housing Expenses Item Monthly Amount Their Total

$2,360 Non-Housing Expenses MONEY SMART FOR ADULTSModule 12: Making Housing Decisions September 2018 25 Pat and Sams Comparison: Whats Left for Housing Costs? Item Monthly

Amount Their Total Net Income $3,500 Their Total Non-Housing Expenses $2,360 Whats Left for Housing Costs? $1,140

MONEY SMART FOR ADULTSModule 12: Making Housing Decisions September 2018 26 Apply It: Estimating What I Can Afford See page 25 in your Participant Guide MONEY SMART FOR ADULTSModule 12: Making Housing Decisions September 2018

27 Section 2: Remember the Key Takeaway An affordable payment for housing is one you can reliably make each month. MONEY SMART FOR ADULTSModule 12: Making Housing Decisions September 2018 28 Section 3: Whats Next If I Decide

Section 3 to Rent? Whats Next If I Decide to Rent? See page 30 in your Participant Guide MONEY SMART FOR ADULTSModule 12: Making Housing Decisions September 2018 29

Section 3: Key Takeaway Ways to protect yourself as a renter include reading and understanding your rental agreement or lease, getting renters insurance, and knowing your rights and responsibilities. MONEY SMART FOR ADULTSModule 12: Making Housing Decisions September 2018 30

Steps to Renting 1. Figure out where you want to live 5. Research options 6. Get your first 2. Figure out what kind months rent and of place you want to deposits together rent 7. Read and 3. Figure out what you

understand your can afford lease or rental agreement 4. Understand your credit and how this may affect what you can rent MONEY SMART FOR ADULTSModule 12: Making Housing Decisions September 2018 31 Step 1: Figure Out Where You Want

to Live Safety and security Public transportation Distance to work, childcare, medical services, other needed services and supportive people Quality of schools Access to parks or playgrounds Accessibility features for people with disabilities MONEY SMART FOR ADULTSModule 12: Making Housing Decisions September 2018

32 Step 2: Figure Out What Kind of Place You Want to Rent Use Apply It: My Housing Options from Section 1, page 14, in your Participant Guide MONEY SMART FOR ADULTSModule 12: Making Housing Decisions September 2018 33

Step 3: Figure Out What You Can Afford Use Apply It: Estimating What I Can Afford from Section 2, page 25, in your Participant Guide MONEY SMART FOR ADULTSModule 12: Making Housing Decisions September 2018 34 Step 4: Understand Your Credit and How This May Affect What You Can Rent Landlords will likely look at your

credit reports and your credit reports Get and review your credit reports at www.annualcreditreport.com or call toll-free 1-877-322-8228 MONEY SMART FOR ADULTSModule 12: Making Housing Decisions September 2018 35 Low Credit Scores or Credit Reports with Negative

Information Be prepared to: Spend more time looking for an apartment Have fewer choices of apartments Pay a larger deposit Get a letter of guarantee or someone to cosign Find roommates to live with you Reconsider your decision to rent MONEY SMART FOR ADULTSModule 12: Making Housing Decisions September 2018 36

Step 5: Research Options Do this yourself Search the Internet Look at rentals in a newspaper Use a real estate agent Explore any other local resources to help you find rentals MONEY SMART FOR ADULTSModule 12: Making Housing Decisions September 2018 37

Step 6: Get Your First Months Rent and Deposits Together You may have to: Pay the first months rent before you move in Pay a security deposit before you move in Amount will vary Returned after you move out if you met the terms of the lease Pay other fees upfront

Prove you purchased renters insurance MONEY SMART FOR ADULTSModule 12: Making Housing Decisions September 2018 38 Step 7: Read and Understand Your Lease or Rental Agreement Agreement between you and the landlord or property owner

Very important MONEY SMART FOR ADULTSModule 12: Making Housing Decisions September 2018 39 Try It: Reading a Rental Agreement See page 32 in your Participant Guide MONEY SMART FOR ADULTSModule 12: Making Housing Decisions September 2018

40 Apply It: My Lease or Rental Agreement Checklist See page 35 in your Participant Guide MONEY SMART FOR ADULTSModule 12: Making Housing Decisions September 2018 41 Renters Insurance Could you afford to

replace your personal property? If a visitor were injured at your residence, could you afford to pay the expenses resulting from the injury? MONEY SMART FOR ADULTSModule 12: Making Housing Decisions September 2018 42 Purpose of Renters Insurance

Financial recovery from losses Hazards and disasters are named perils Actual costs or replacement costs Limited or no coverage for some items Financial protection from claims of injury May be required to purchase it Widely available Costs vary -- Shop around MONEY SMART FOR ADULTSModule 12: Making Housing Decisions September 2018 43

Your Rights as a Renter The Fair Housing Act prohibits housing-related discrimination based on: Race Color National origin Religion

Sex Disability Presence of children Housing must meet health and safety codes MONEY SMART FOR ADULTSModule 12: Making Housing Decisions September 2018 44 Reasonable Modifications Resident with a disability can make

and pay for reasonable modifications Structural modification to allow full enjoyment of the housing and related facilities Examples: Widening a doorway Lowering kitchen cabinets Replacing flooring MONEY SMART FOR ADULTSModule 12: Making Housing Decisions September 2018 45 Reasonable Accommodations

Housing provider makes reasonable accommodations Change in rules, policies, practices, or services so a person with a disability will have an equal opportunity to use and enjoy a dwelling unit or common space Example: Reserved parking near entrance MONEY SMART FOR ADULTSModule 12: Making Housing Decisions September 2018 46

Get Help If you think your rights have been or are being violated, get help: Department of Housing and Urban Development website at www.hud.gov Local housing authority HUD-approved housing counseling agency Legal aid An attorney MONEY SMART FOR ADULTSModule 12: Making Housing Decisions September 2018 47

Section 3: Remember the Key Takeaway Ways to protect yourself as a renter include reading and understanding your rental agreement or lease, getting renters insurance, and knowing your rights and responsibilities. MONEY SMART FOR ADULTSModule 12: Making Housing Decisions September 2018 48

Take Action See page 40 in your Participant Guide What will I do? How will I do it? Will I share my plans with anyone? If so, who? Visit fdic.gov/education to learn more MONEY SMART FOR ADULTSModule 12: Making Housing Decisions September 2018 49

Post-Training Survey See page 45 in your Participant Guide MONEY SMART FOR ADULTSModule 12: Making Housing Decisions September 2018 50

Recently Viewed Presentations

  • Introduction to Engineering Economy

    Introduction to Engineering Economy

    Changes in the consumer price index (CPI) and producer price index (PPI) are used as surrogate measures of inflation. The rate of change can be found, in either case, from the formula below. The oil refinery business has been in...
  • Stress - Islamic University of Gaza

    Stress - Islamic University of Gaza

    3- words ending in ic or ics have their main stress on the first syllable before the last (penultimate) specific ,diplomatic, democraticphonetics . 4-words ending in -ical have their main stress on the second syllable before the last (antepenultimate)
  • CADD Coordinator Meeting Nov 19 - NCDOT

    CADD Coordinator Meeting Nov 19 - NCDOT

    OpenRoads Designer. Release Schedule. Quarterly Updates from Bentley. Update 3 released in April. Backwards compatibility of files. ... Set model property toggle for annotation cell. Set active scale to 1/12 (increase accuracy to 8 decimal places) Apply VBA.
  • Rewriting the Script: - NACADA

    Rewriting the Script: - NACADA

    Rewriting the Script through Parent Education. Parent as advocate > student as self-advocate. Parents must assume role of helper vs. rescuer to facilitate independent problem solving and executive function skill development. Importance of reframing the parent experience in transferring greater...
  • Attributes and Transformations of Reciprocal Functions

    Attributes and Transformations of Reciprocal Functions

    Remember: "rational" basically means "fraction" Vocabulary (cont) A reciprocal function belongs to the family whose parent function is ??=1? where ?≠0.
  • What Time Is It?

    What Time Is It?

    What Time Is It? A Telling Time Game Click Here to Begin Objectives for the Game This game is designed to help 2nd Grade students learn to tell time to the hour and half hour The goal of this game...
  • PowerPoint-Präsentation

    PowerPoint-Präsentation

    3 - 55 kW. LCP sistem klimatizacije. unutrašnja jedinica. Širine samo 300mm. Montira se između ormara. SNMP komunikacija. CW varijante: 10-30 i 40-55kW
  • Using data in the classroom - dhs-learning-interventions ...

    Using data in the classroom - dhs-learning-interventions ...

    What is a Guttman chart? Louis Guttman was an Israeli mathematician and Professor of Social and Psychological Assessment. He found that, when analyzing test data, if you determined the difficulty of each test question, and then ordered the student responses...